Tag Archives: two weeks
Unsecured Personal Payday Loans Are Not a Long-Term Solution
Unsecured personal loans are sometimes called fast cash or payday loans. The good news is that anyone with a steady paycheck, even those earning minimum wage, can qualify for these types of cash advances. Pay day lending however, can be a very short and painful way out of a temporary situation.
The bad news with unsecured personal loans were payday loans is that you almost never can seem to catch up. A payday advance is extremely expensive! How expensive, you might ask? Some companies charge as much as 25% or more, every couple of weeks. This comes out to 650% for a year. But that’s not the worst of it…
Think about this:
A payday cash advance of $100 for two weeks, would cost $125. So if you pay the loan back in two weeks. You pay them the hundred dollars plus 25 dollars in interest.
So you would think that in four weeks, it would cost an it would cost you $150, right?
WRONG!
The way payday cash advance loans work is that they loan you $100, in two weeks it would cost you $125. But if you couldn’t pay the hundred and $25 in interest, they would simply give you a new loan to pay off the old one.
So for the next two weeks, you would have $125 loan and owe $31.25 in interest.
So a 100 loan, for one month would actually cost $156.25. Here’s a quick look at it just three months for a hundred all alone could cost.
Weeks w/Loan Amount Owed
$100.00
2 weeks $125.00
4 weeks $156.25
6 weeks $195.31
8 weeks $244.14
10 weeks $305.18
12 weeks $381.47
So after four weeks. The typical payday loan of 100 dollars would cost $156.25. After two months it would cost $244.14. And after just three short months. A cash advance of only $100, would cost you $381.47.
This figures out to 650% interest over one year! That’s not the annual percentage rate or APR, but just flat interest-rate.
The last problem with personal payday type loans is that most want access to your checking or savings account. They say this is to make it easier for you but it also allows them full access to your bank accounts. If there’s an error, you fight them about it all the while they take your money.
If however, you are in need of a fast cash loan and are able to pay it off on time, there are several programs that offer your first loan free of interest. I you need a one time short term unsecured personal loan, maybe one of these no interest one-use options are for you.
Remember though, the payday loan businesses will continue to contact you trying to get you to get back in debt. You must be able to ignore these types of marketing plans that would only end up hurting you long-term financial future. Just if you decide to use a payday loan, just make certain you have a plan to pay it back on time.
30 Day Payday Loan
Whenever you have a money terror a fast payday advance can be quite useful. You always have unknown costs and car repairs or something that goes wrong in the worst times. You may wish to obtain a 30 day payday loan if you’re not covered for that expense plus you’ve got no supplemental income accessible. These financial loans are a lot like bank financial loans but not quite. These quick money advances have smaller conditions and therefore are usually easier to be eligible for a.
It usually relies on around two weeks for most of these financial loans. Should you get a loan at a bank, like a personal bank mortgage, there is certainly great chances you may be denied. You would also need to use collateral for these kinds of loans including a high credit score using a long history of continuous earnings.
Although 30 day Payday loans really have needs, they may be not tough to meet. One of these conditions may be you need to be 18 years old. You will also need some form of method to pay them back which means another condition is you need to have a means of income. They will be eager to help you and help you in any way they can. These loans can be around 500 dollars to 1000 dollars, even sometimes as much as 2000 dollars if needed. This all hangs on the kind of organization you borrow from.
These loans are due within two weeks. Under these kinds of circumstances, the person who gives the loan will usually want a planned and defined check strategy. Its very likely that people on benefits could possibly get 30 day payday loans as well. It is usually very entirely possible that a loan plan requires you pay half of what you borrowed within a couple weeks while the second half be due within the next two weeks. This type of loan is known as 30 day time payday loan.
For most of these loans you ought to consider the positives and negatives, you need to try this prior to deciding to seal the deal while using loan. For instance, you might like to obtain a long run loan, this could provide you with additional time to repay it but it would also add to the interest of the loan overall. You need to be very cautious with any connected fees which have been attached. A normal cash loan may require 10 dollars to every 40 dollars on each $ 100 you borrow. This can be based off of the premise of the 2 week loan. If you make your loan more long lasting the fees will go up as well.
Should you be looking for this kind of loan then you should get a group which will offer good lengthy term loans. You should not assume that all loaners dont have these. You are able to establish your long term decision before any documents are closed. Should you dont pay punctually then you can certainly expect all kinds of late payment fees attached to your overall payment.